Recursion, a Salt Lake City, UT-based digital biology company industrializing drug discovery, raised $239m in Series D financing.
The round was led by Leaps by Bayer, the impact investment arm of Bayer AG, with participation from new investors Casdin Capital, Catalio Capital Management, LP, Laurion Capital Management, Samsara BioCapital and others, and all of existing major institutional investors Baillie Gifford, Mubadala, DCVC, Lux Capital, Obvious Ventures, Felicis Ventures, EPIC Ventures, Two Sigma Ventures, Advantage Capital, Intermountain Ventures and others.
The company intends to use the funds for the clinical development of its therapeutic pipeline and continue to invest in the development of its proprietary technology to enable improvements in many steps of the drug discovery process including the generation of massive relatable datasets sufficient for creating broad maps of human biology enabling target discovery, digital chemistry, predictive ADME/T and the digitization of in vivo studies.
Led by Chris Gibson, PhD, co-founder and CEO, Recursion is a digital biology company, which has built an advanced ultra-high throughput wet-lab and machine learning platform to generate proprietary, high-dimensional, multi-modal and relatable datasets of human cellular biology at massive scale, and apply advanced machine learning approaches to reveal novel biological relationships.
Alongside the Leaps by Bayer investment in the Series D financing, Recursion also announced a strategic collaboration agreement with Bayer to identify and develop novel treatments for fibrotic diseases of the lung, kidney, heart and more. In this partnership, Recursion and Bayer may initiate more than ten fibrosis programs with possible development and commercial milestone payments of more than $100 million per program plus royalties on future sales. Recursion will receive an upfront payment of $30 million in addition to the $50 million lead equity investment.